Practice Management

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Senate Finance Committee Chairman Max Baucus, D-Mont., accused the Internal Revenue Service of falling short on efforts to combat taxpayer identity theft.

The IRS's Taxpayer Advocacy Panel has released an annual report on its activities and recommendations for improving the Internal Revenue Service.

The U.S. Court of Federal Claims ruled against a family's attempt to avoid taxes on $204 million in gain realized on the sale of their business by using a tax shelter.

When I am a loss for the subject of a column, all I have to do is go to the Internet and I quickly find something to write about. What I found is a SEC press release that states the SEC has charged a mutual fund manager with violating socially responsible investing restrictions in socially responsible mutual funds that investors were told would not contain securities issued by companies involved with producing weapons, alcohol, tobacco, or gambling products.

Sen. Barack Obama, D-Ill., called for an "emergency energy rebate" of $1,000 to be offered to families this fall, along with a $50 billion stimulus package to help jump-start job creation.

The Internal Revenue Service has seized over $24 million from two companies that were processing payments for an Internet gambling site, Bodog.com.

The 80 percent e-file goal, in place since it was proposed in the IRS Restructuring and Reform Act of 1998, was a major contributing factor to the growth in electronic filing, despite the fact that it fell short of the 2007 deadline, according to the Internal Revenue Service Oversight Board.

WRONG CALCULATIONS MAY AFFECT STIMULUS PAYMENTS

One of the advantages of the complexity brought on by social engineering in the Tax Code is that, when personal circumstances change and times get rough, there are usually some provisions in the code that come into play to provide a bit of tax relief. Tax practitioners can do a real service for their clients by alerting them to new or existing tax provisions that might be applicable to a particular taxpayer for the first time. Some of them may require the taxpayer to maintain records or be aware of requirements during the course of the year, so alerting them only at tax return preparation time may be too late for some of the tax benefits.